90-year-old NYSE-listed company changes ticker due to Ethereum

While the London Hardfork was the most talked about upgrade in Ethereum history, blockchain reached another milestone.

Ethan Allen announces change in ticker

Ethan Allen interiors Inc., a 90-year-old boomer brand listed on the New York Stock Exchange (NYSE), had to change its ticker because it was mistaken for the second largest cryptocurrency. The home decoration and furniture chain announced that its ticker would no longer be ETH, but ETD on the NYSE.

The company confirmed that the “D” in the news ticker was reflected in the design. Part of the announcement went on to say that the ticker change was to attract the right audience from the search engines and not confuse investors.

“We are sure that this modification will distinguish Ethan Allen from Ethereum, especially in search engine results, as they previously used similar abbreviations.”

Ethan Allen was founded 90 years ago; The home decoration chain with 300 stores also announced that investors who want to keep their preferred ETH will have until August 16 before the furnishing company changes its ticker permanently.

A report by the Wall Street Journal (WSJ) found that there was supreme interest in the home decor company’s shares in May 2021 when some retail investors bought Ether Allen shares because they thought they had bought Ethereum shares. Stockwits CEO Rishi Khanna told WSJ that “its social investment site has caused a huge increase in the number of false stock identities between Ethan Allen and Ethereum.”

Investors are confused, upset, and saw the funny side

A report by Yahoo Finance showed that ETH prices listed on the NYSE rose over 55% to around $ 33 in early May, starting the year at $ 21. But as of this point, the price has dropped to about $ 24 per share.

While some traders commenting on the stock listing on Yahoo got confused and upset, some of them found the funny side of it. Apparently confused, one of the commentators said, “$ ETH has gained more than $ 850 since the middle of last month, and the next three months should be bullish … We are just getting started and are still a long way from peaking.”

Perhaps a little angry, another commenter said, “It would be better for Ethan Allen to change his ticker. It helps avoid discussions about the average company. ”The anticipation of the ether The London upgrade and previous updates to the upgrade, which was released on Nov.

The White House issues a statement on the arduous crypto tax proposal

Meanwhile, the White House has officially confirmed that it does Cryptocurrency Tax proposal to exclude proof-of-mining and wallet sellers. The late minute amendment was jointly tabled by Senators Mark Warner and Rob Portman.

While the new proposal for a crypto tax is a better version of the previous proposal, which imposes tax reporting requirements on everyone involved in crypto transactions, this new proposal still suggests that proof-of-stake validators and crypto developers would be taxed . Most of the wording of the crypto tax proposal will need to be changed before this proposal comes into effect. The aim of this proposal is to raise $ 29 billion for infrastructure purposes.

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